On October 6, 2025, the Minister of the Indian Union, Piyush Goyal, said that the country was ready to launch a sovereign digital currency of the Bank of India (RBI), which will be traceable. Goyal insisted that the country does not encourage cryptocurrency “, which has no sovereign support or which is not supported by assets, say it on the federal bank or the local currency.”
The digital cap will be similar to a regular currency. It will be supported by the Central Bank, while taking advantage of blockchain technology.
“Our idea is that it will only make the transaction easier. This will also reduce paper consumption and will be faster to transform than the banking system. But it will also have traceability,” Goyal said during his official trip to Qatar.
BIG:
India launches RBI digital currency!
Union Minister Piyush Goyal said that cryptos without assets or sovereign support will not be supported. pic.twitter.com/gxjsext5fa
– Sapna Singh (@earnwithsapna) October 7, 2025
India launches RBI digital currency!Discover: Top 20 crypto to buy in 2025
“Although there is no prohibition (on the crypto) as such, we pour it very strongly,” explains the Minister of the Indian Union
According to local reports, Goyal has also highlighted the country’s position on cryptocurrency and said: “Regarding cryptocurrency, which is not supported by the central government, although there is no prohibition as such, we tax it very strongly. We do not encourage him because we do not want nobody to be blocked at some point with a cryptocurrency who does not have a welding and nobody to take over.
Currently, the position of India is that it does not encourage or without prohibiting Crypto. But it imposes heavy taxes on digital assets – which includes 30% of capital gains tax and 1% tax deducted at source (TDS). These strong taxes have been in place since July 2022.
But does India do it enough? The cryptographic community will not say almost! Merchants are looking for clear regulation of reduced cryptography and tax rates.
Read more: 99Bitcoins Interview: Wazirx CEO on the Boom of Indian cryptography in the middle of empty politics
The CEO of Wazirx, Nischal Shetty, says that millions of Indians are already committed with the crypto, but the political environment has not caught up
“The cryptography ecosystem of India is often seen only by the objective of its high taxes and its regulatory ambiguities, but which lacks the full table. Despite these challenges, India is regularly ranked among the best in the world for the adoption of the base, the activity of developers and innovation, “said Shetty during an exclusive conversation with 99bins.com
The demand is real; Tens of millions of Indians are already committed with the crypto, but the political environment has not yet fully caught up.
“The biggest unlocking would be to rationalize taxation, in particular the softening of the burden of the TDS, to encourage the legitimate onshore activity instead of pushing it to offshore. Combined with clearer regulatory frameworks, this would create an environment in which the young population, warned of India technology and the community of dynamic developers can build the next generation of web3 products. ”
“India has the potential not only to participate in Web3, but to direct it worldwide, provided that good political clarity allows entrepreneurs to build for billions at home, then to develop all over the world.”
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Main to remember
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India’s strategy is clear: promoting a digital currency ecosystem guaranteed by the state with the base blockchain, while keeping private assets not regulated through intense tax.
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The digital cap will be similar to a regular currency. It will be supported by the Central Bank, while taking advantage of blockchain technology.
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